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Oil price cut will reduce inflation: Mian Zahid Hussain

Karachi, October 05, 2022 (PPI-OT):Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said differences between the main leaders of the federal government on important economic issues are affecting public confidence and the morale of the business community.

Important leaders should sit down and resolve their differences through dialogue and not use public forums for disagreements as it sends negative signals, he said. Mian Zahid Hussain said that former finance minister Miftah Ismail saved the country from default by taking tough decisions, but due to inflation, the top leaders of his own party continued to criticize him, which led to conflicts.

Talking to the business community, the veteran business leader said that now after Ishaq Dar became Finance Minister, Miftah Ismail has started criticizing his decisions which is sad. The politics of verbal attacks and counter-attacks will not improve the investment climate in the country but will only worsen it, he observed.

Mian Zahid Hussain said that currently, the country’s economy is sliding, millions of people have fallen below the poverty line due to floods and inflation, the situation of foreign exchange reserves is alarming, institutions are suffering from failure and the nation is divided while power mongers are trying to secure personal benefits ignoring the situation in the country.

Some politicians are busy putting the future of the country and the nation at stake for the sake of power and in these circumstances, the ruling party never needed unity and agreement as much as it does today. Mian Zahid Hussain said that there was no need to criticize the finance minister on the reduction in petroleum development levy, if making petrol cheaper is a violation of the agreement with the IMF, then it is a problem for the international organization and the finance minister and no one else.

Ishaq Dar has not done any injustice or crime by giving some relief to the people despite the difficult conditions and lack of resources. He noted that the rupee has appreciated, the effects of which will soon reduce the pressure of inflation and the currency mafia is on the run. Mian Zahid Hussain said that no one doubts Miftah Ismail’s ability, but it will be better if dissent is made a grudge as the current government does not have the appetite to tolerate it.

For more information, contact:
President,
Pakistan Businessmen and Intellectuals Forum (PBIF)
Tel: +92-343-2226888
Tel: +92-300-8233364
Email: ceo@kenlubes.net

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